Barclays UK writes off £680m of credit card debt

Barclays UK’s pre-tax profit increased 197 percent during the full year 2016, according to a results statement released today (February 23).

The bank’s pre-tax profit increased more than £1.1bn, from £585m in 2015 to £1.7bn in 2016, reflecting lower provisions for UK customer redress.

Bad debt levels in consumer lending across the year are also given in the full results.

The announcement states that Barclays UK had written off £683m of credit card debt in 2016, compared to £488m in 2015 – an increase of 40 percent.

The bank also wrote off £183m of personal banking debts in 2016. This was a six percent decrease compared to 2015’s figure of £194m.

Another decrease found in the results statement was in Barclays UK litigation and conduct costs.

There was a year-on-year decrease of 50 percent recorded between 2015 and 2016, from £2.5bn to £1bn.

The results also found Barclays UK provided around £19bn of mortgage lending to consumers in the UK during 2016.

James Staley, group chief executive officer of Barclays, said: “We are now just months away from completing the restructuring of Barclays and I am more optimistic than ever for our prospects in 2017 and beyond.”

IVA provider Fairpoint has filed notice of its intention to appoint administrators following an announcement made today, August 4, that it can no longer afford the yearly rent of £1m at its head office

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